NEW YORK (AP) — The U.S. has so much crude oil that it's running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
The Energy Department reported last week that for the past seven weeks the United States has produced and imported an average of 1 million more barrels of oil every day than it's using. That extra crude is flowing into storage tanks, especially at the main trading hub in Cushing, Oklahoma, and pushing U.S. supplies to their highest point in at least 80 years.
Analysts say that if this continues, storage tanks could approach their operational limits by mid-April and send the price of crude — and probably gasoline — plummeting.
But the Energy Department also reports that diesel and gasoline supplies fell more than expected, leading some to conclude that demand for crude will soon pick up and ease the glut somewhat.